Product Disclosures

Last updated: May 18, 2026

Tokenized Stocks

Tokenized Stocks may be unavailable in some jurisdictions. These products are high-risk, may not track underlying share prices, and may result in loss of principal. They may not represent ownership of actual shares or confer shareholder rights. Any reference to a specific tokenized stock is for informational purposes only and does not constitute investment advice or recommendations.

Perpetual Futures

Phantom Perps may be unavailable in some jurisdictions. Tickers reference perpetual contracts, not equities or securities, and do not constitute ownership of any underlying asset. Trading perpetuals involves significant risk and may result in total loss. Content or reference to a specific perpetual contract is for informational purposes only and does not constitute investment advice or recommendations.

Pre-IPO Perps

Pre-IPO perpetual contracts ("IPOP") accessible through Phantom are synthetic derivatives only. They do not represent shares, equity interests, IPO allocations, or any right to acquire securities, and carry no ownership, voting, or dividend rights. No referenced company is affiliated with or responsible for any IPOP market.

Prices are based on order book activity and available public information — not official valuations. IPOP prices may differ materially from any IPO price range, final listing price, or private market transaction. Offering terms, share counts, and timing may change without notice.

The anticipated listing may be delayed, cancelled, or restructured. If no listing occurs or no reliable reference price becomes available, trading may be halted and positions settled at a price that differs materially from your entry price.

IPOP markets carry higher volatility, limited liquidity, and wider spreads than standard perpetuals. You may be unable to close positions at expected prices. Mark price transitions at listing may trigger immediate liquidations.

CASH

Phantom Cash enables interaction between stablecoins and third parties through Phantom's interface. Phantom Cash products are provided in partnership with third-party financial service providers, and your use is subject to their terms and conditions in addition to Phantom's Terms of Use. To use Phantom Cash, you are required to complete identity verification (KYC) which is collected and stored by our third-party partners; Phantom does not retain your KYC. Your personal information may also be shared with third-party partners to enable Cash functionality, prevent fraud, and comply with legal obligations, as described in our Privacy Policy. When you access Phantom Cash on a new device, you may be required to complete additional verification to protect your linked payment methods and bank accounts. Digital assets held in your self-custody wallet, including stablecoins, are under your control at all times. Phantom does not have access to your wallet or the assets within it and cannot reverse, cancel, or modify on-chain transactions. If your recovery phrase is lost or compromised, your funds may be permanently unrecoverable. Phantom Cash may be unavailable in some jurisdictions. Phantom is not a bank. The Prepaid Debit Visa Card is issued by Lead Bank and managed by Bridge Ventures, LLC. Fees may apply. See Phantom's website for more details.